Karooooo Ltd. (KARO) Earnings Call Transcript & Summary

Hello, and welcome to the Annual General Meeting of Shareholders of Karooooo Limited. Please note that today's meeting is being recorded. At the end of the meeting, we will address any questions. [Operator Instructions] It is now my pleasure to turn today's meeting over to Zak Calisto, CEO and Executive Chairman. Zak, the floor is yours.

Thank you, Alex. I'm Zak Calisto, the CEO and Chairman of Karooooo. In accordance with the company's constitution, the Directors present at this meeting. As the chairman, now I'll chair this meeting. It is my pleasure to welcome you to the second AGM of the company 2021. The other members of the Board are [indiscernible], the Lead Independent Director; [indiscernible]; [indiscernible]; and Hoeshin Goy, the Chief Financial Officer. [indiscernible] of the Non-Executive Directors have been provided in the notice of the AGM dated the 14th of June 2022. Our company's transfer secretaries, Computershare, will assist with today's procedures. Quorum and procedures. In terms of the company's constitution, the quorum for this meeting is at least two shareholders being present in person or by proxy. Computershare confirm that we have the necessary quorum to continue with this meeting. In accordance with the company's constitution, it is certain that voting will be exercised by poll. Computershare has received all voting papers from shareholders or entitled to vote and will confirm the results after conclusion of the meeting. Notice of the meeting. Notice of this meeting was circulated in accordance with the constitution and other regularity requirements to shareholders on the 14th of June 2022 and is available on the company's website. You are welcome to pose questions through the available portal, which we will address by e-mail following conclusion of the meeting. Kindly provide your e-mail address and/or contact numbers for this purpose. Annual financial statements, auditor's report and Directors report. [indiscernible] annual financial statements is available on the company's website and contains the auditor's report and Director's report. Resolution. We will now briefly present each resolution as set out in the AGM notes. Please refer to Page 1 and Page 2. Ordinary resolution #1. Singapore statutory financial statements. This allows for the Singapore statutory financial statements containing the Director statement, the auditor's report and the auditor's filings of papers of the company for the financial year ending February 28, 2022, to be received and adopted. Ordinary resolution #2, the election of [ Mrs. Kim White ] as Director. This allows for [ Mrs. Kim White, ] who retires -- at this AGM, to be reappointed as a Director of the company. Ordinary resolution #3, Non-Executive Directors' remuneration for the financial year ended February 28, 2022. This allows the company to pay Directors fees to Non-Executive Directors on a monthly basis in arrears for services rendered for the financial year ending February 28, 2022. Ordinary resolution #4, appointment and remuneration of auditors. This resolution allows for the appointment of the independent auditors, Ernst & Young and for the Directors to fix the auditor's remuneration for services rendered for the financial year ending February 28, 2022. Ordinary resolution #5, repurchase mandate. This allows the company to purchase or otherwise acquire up to 10% of its issued shares on service and condition set out in the resolution and subject to regulatory requirements. Ordinary resolution #6, authority to issue and allot shares. This allows Directors to issue ordinary shares, make or grant offers, agreements or options that might or which require the issuance of ordinary shares on the terms and conditions set out in the resolution and subject to regulatory requirements. Sixth resolved. I am to confirm that all the ordinary resolutions have been passed with the required majority votes. The detailed results will be published later today in the United States and South Africa. Questions. Please post your questions on the portal. We will respond by e-mail or call. To close. This concludes the business of this meeting. Thank you for participating.

Thank you for joining today's call. You may now disconnect.